RICHMOND, Calif. (KRON) - The Old Hilltop Mall in Richmond has changed hands.
The mostly vacant shopping center sold this week and the new owner plans to revitalize the property by transforming the area into a mixed-use development with retail and housing.
The city's mayor says he is excited about the site's future.
The rundown shops at Hilltop Richmond, formerly known as the Hilltop Mall, has a new owner that has plans to redevelop the area in the near future.
"At one time, Hilltop mall was a big generator of sales tax revenue for the city. It was a very busy place. And, along with most malls in America, it died out," Mayor Tom Butt said.
This week, LBG Real Estate companies, LLC and Aviva Investors sold the property to Prologis Incorporated.
The San Francisco-based group is considered the largest industrial and real estate company in the world.
"The sales price was $117 million and that would produce about $3.5 million in real estate transfer taxes for the city of Richmond,” Mayor Butt said.
Mayor Tom Butt says unlike the previous owners, revitalizing the mall is not in the plans.
In a statement, Prologis says:
“The acquisition of the Hilltop Mall marks the beginning of our efforts to pursue a mixed-use development that includes residential, retail, and modern logistics facilities, which will spur further reinvestment, job growth and economic opportunity.”
“When COVID hit in March of last year, they closed everything up. So, even the tenants who were there and operating were closed down," Mayor Butt said.
Prologis has not announced a definitive plan for the property or a timeline for when their project will break ground.
from KRON4 https://ift.tt/3epxSCJ
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